G.5(405) February 28, 2003 FOREIGN EXCHANGE RATES THE TABLE BELOW SHOWS THE AVERAGE RATES OF EXCHANGE IN FEBRUARY 2003 TOGETHER WITH COMPARABLE FIGURES FOR OTHER MONTHS. AVERAGES ARE BASED ON DAILY NOON BUYING RATES FOR CABLE TRANSFERS IN NEW YORK CITY CERTIFIED FOR CUSTOMS PURPOSES BY THE FEDERAL RESERVE BANK OF NEW YORK. (Currency units per U.S. dollar except as noted) MONETARY 2003 2003 2002 2002 COUNTRY UNIT February January December February *AUSTRALIA DOLLAR 0.5956 0.5829 0.5624 0.5128 BRAZIL REAL 3.5955 3.4375 3.6268 2.4242 CANADA DOLLAR 1.5121 1.5414 1.5592 1.5964 CHINA, P.R. YUAN 8.2780 8.2775 8.2777 8.2767 DENMARK KRONE 6.8920 6.9980 7.2874 8.5343 *EMU MEMBERS EURO 1.0785 1.0622 1.0194 0.8707 HONG KONG DOLLAR 7.7995 7.7994 7.7988 7.7996 INDIA RUPEE 47.75 47.96 48.15 48.72 JAPAN YEN 119.34 118.81 121.89 133.64 MALAYSIA RINGGIT 3.8000 3.8000 3.8000 3.8002 MEXICO PESO 10.945 10.622 10.225 9.105 *NEW ZEALAND DOLLAR 0.5539 0.5398 0.5108 0.4187 NORWAY KRONE 7.0004 6.9138 7.1557 8.9492 SINGAPORE DOLLAR 1.7451 1.7363 1.7532 1.8312 SOUTH AFRICA RAND 8.2858 8.6949 8.9479 11.4923 SOUTH KOREA WON 1190.37 1176.45 1206.61 1320.55 SRI LANKA RUPEE 96.879 96.813 96.705 93.650 SWEDEN KRONA 8.4837 8.6368 8.9303 10.5501 SWITZERLAND FRANC 1.3602 1.3765 1.4388 1.6970 TAIWAN DOLLAR 34.734 34.571 34.799 35.073 THAILAND BAHT 42.897 42.773 43.318 43.854 *UNITED KINGDOM POUND 1.6079 1.6175 1.5863 1.4227 VENEZUELA BOLIVAR 1736.21 1714.45 1328.29 898.51 MEMO: UNITED STATES DOLLAR 1)BROAD JAN97=100 124.12 124.21 125.70 129.88 2)MAJOR CURRENCY MAR73=100 95.02 96.03 98.62 108.60 3)OITP JAN97=100 147.35 145.72 144.87 138.61 This release is available online at http://www.federalreserve.gov/releases/G5. For more information on exchange rate indexes for the U.S. dollar, see "New Summary Measures of the Foreign Exchange Value of the Dollar," Federal Reserve Bulletin, vol. 84 (October 1998), pp. 811-18 (http://www.federalreserve.gov/pubs/bulletin/). Weights for the broad index can be found at http://www.federalreserve.gov/releases/H10/Weights; weights for the major currencies index and the other important trading partners (OITIP) index are derived from the broad index weights. The most recent annual revision to the trade weights and the dollar indexes took effect with the January 30, 2003, release of this report. * U.S. dollars per currency unit. 1) A weighted average of the foreign exchange value of the U.S. dollar against the currencies of a broad group of major U.S. trading partners. 2) A weighted average of the foreign exchange value of the U.S. dollar against a subset of the broad index currencies that circulate widely outside the country of issue. 3) A weighted average of the foreign exchange value of the U.S. dollar against a subset of the broad index currencies that do not circulate widely outside the country of issue. For information about your subscription to this release or about receiving it in document form, please call publication services at Federal Reserve Board at (202) 452-3244. The euro is reported in place of the individual eure-area currencies. These currency rates can be derived from the dollar/euro rate by using the fixed conversion rates (in currencies per euro) given below: 1 EURO = 13.7603 AUSTRIAN SCHILLINGS = 40.3399 BELGIAN FRANCS = 5.94573 FINNISH MARKKAS = 6.55957 FRENCH FRANCS = 1.95583 GERMAN MARKS = .787564 IRISH POUNDS = 1936.27 ITALIAN LIRE = 40.3399 LUXEMBOURG FRANCS = 2.20371 NETHERLANDS GUILDERS = 200.482 PORTUGUESE ESCUDOS = 166.386 SPANISH PESETAS = 340.750 GREEK DRACHMAS